Marc J. Lane - Social Involvement and L3C Legislation

Lane serves as the founding partner for Social Venture Partners Chicago. In addition, He is a Director for the Social Enterprise Alliance and the founder and President of its Chicago Chapter. He also served as the Chairman of the Board for the Grant A Wish, Inc. and the Illinois Chapter of the National Academy of Elder Law Attorneys. He is one of the drafters of the Illinois legislation and promoted the establishment of low-profit limited liability companies (L3C). On August 4, 2009, Illinois' L3C bill was signed by Gov. Pat Quinn. The law, which took effect on January 1, 2010, aims to make it easier for social enterprises to attract capital, said Sen. Heather Steans (D-Chicago), who sponsored the bill. L3Cs leverage foundations' program-related investments to access trillions of dollars of market-driven capital for ventures with modest financial prospects, but the possibility of major social impact.

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